According to multiple news reports Finance Minister Jim Flaherty is expected to announce new rules for mortgage financing in Canada in hopes of preventing households from getting into trouble when interest rates rise. The early reports speculate that there will be a “means test” for insured mortgages and possibly reducing the maximum amortization from 35 years.
A news conference has been called by Mr. Flaherty for 5 AM PST tomorrow. We will find out the so stay tuned.
Here is a link to the one of the reports CBC News.